daytrading march 13 afternoon

Thanks Endless.

Half-time round-up:

Australian shares this morning hit their highest level in more than a week as Asian markets advanced and investors ignored weak domestic economic data.

At lunchtime the ASX 200 was ahead 46 points or 1.1% at 4243 with all sectors in positive territory. The big banks and miners all rallied, pushing the metals & mining sector up 0.9% and financials up 1.3%.

Asian markets and US futures advanced. Japan's Nikkei rallied 1.03%, Shanghai 0.03% and Hong Kong's Hang Seng 1.14%. Dow futures were recently up 29 points or 0.2%.

The morning's domestic economic news maintained the recent trend towards disappointments. Business confidence deteriorated last month after the Reserve Bank left the cash rate on hold. NAB's confidence index fell from 4 to 1, well below the long-term average, but business conditions ticked up from 2 to 3. Home loans declined by 1.2% in January as approvals for investment housing slumped 7.1%.

"While the fall [in business confidence] was marginal and may just reflect month-to-month volatility, it is more likely that it reflects some degree of increased concern about the international economic environment and its potential impact on local business activity," NAB chief economist Alan Oster told Fairfax. "In addition, the persistent strength in the Australian dollar continues to weigh on trade-based industries."

Crude oil futures rallied 37 cents this morning to US$106.71 a barrel. Spot gold was $3.70 stronger at US$1,703.70 an ounce. The dollar was buying US$1.0537.


Seems our market is finally playing catch-up after under-performing lately, but I can't see any compelling reason why it should be today. Shanghai still dragging its heels. Small improvement in commodities this morning. It was a good morning to be bullish and I was too cautious. Just one trade - a bounce in IAU.